Sep 01, 2015 10:53 AM
In the always-competitive world of business, brands increasingly are turning to niche marketing—tailoring messaging to specific subsets of the population—to gain an edge. Popular target markets span the range from smaller subsets such as racial minorities and the LGBT community, to large demographics such as seniors and married mothers with children.
As we’ve explored in a series of recent blog posts, one major niche market that brands have yet to substantially tap is the Faith Driven Consumer segment. This economically powerful and rapidly emerging subset of the Christian market represents 41 million U.S. adults with $2 trillion in annual buying power. In contrast to the broader Christian demographic, Faith Driven Consumers make purchasing decisions based on their deeply held Christian beliefs and are careful to avoid brands that are incompatible with these values.
A survey conducted by research firm American Insights reveals that Faith Driven Consumers see themselves as a niche market that brands are ignoring. This faith-driven cohort, which actively seeks to do business with companies that respect their Bible-based values, believes that other market segments are more strongly welcomed, embraced and celebrated by brands than they are.
Here’s a current snapshot of how Faith Driven Consumers see themselves compared to other target markets routinely pursued by brands:
- 63% of Faith Driven Consumers believe there is a strong effort among brands to attract the LGBT community; 36% believe there is a very strong effort.
- 71% of Faith Driven Consumers believe there is a strong effort to attract the Hispanic community; 41% believe there is a very strong effort.
- 73% of Faith Driven Consumers believe there is a strong effort to attract the African-American community; 39% believe there is a very strong effort.
In contrast, Faith Driven Consumers believe there is less of an effort on the part of brands to attract and welcome Christians. Only 58% believe there is a strong effort. Additionally, Faith Driven Consumers feel far less welcomed by brands than the LGBT community—47% feel less welcomed, while only 28% feel more welcomed.
Clearly, there is a level of discontent among Faith Driven Consumers toward how brands court them—or, more accurately, how they don’t.
Given the economic heft of this largely overlooked segment, perhaps appealing to Faith Driven Consumers could become a profitable step for faith-compatible brands looking for that all-important edge over their competitors.